Bitcoin Cash (BCH) Price Analysis: BCH Is Range-Bound, Faces Rejection at $240 High

Key Highlights
BCH faces selling pressure at the $240 resistance
The current support at $215 is well defended by the bulls

Bitcoin Cash (BCH) Current Statistics
The current price: $234.10
Market Capitalization: $4,335,366,602
Trading Volume: $2,976,837,476
Major supply zones: $325, , $350,$375
Major demand zones: $200, $175, $150

Bitcoin Cash (BCH) Price Analysis September 17, 2020
For the past two weeks, BCH is still range bound between $200 and $240. Presently, it is in a tight range between $215 and $240. Buyers have made several attempts to break the $240 resistance but to no avail. The coin will fall into the range-bound zone and retests the support line. Today, BCH is trading at $234 after retesting the resistance at $240.

The altcoin will have a chance of upside momentum if the coin rebounds above $230 support. The rebound will propel price to break the current resistance and reach a high of $260. Nonetheless, the coin will return to the bull market if buyers push the coin above $280 high. Meanwhile, BCH is still trading in the range. The current range will linger on except the coin trends to break the key levels of the markets.

Bitcoin Cash Technical Indicators Reading
Bitcoin Cash is in a descending channel as the price fluctuates in the middle of the channel. The price is testing is the 21-day SMA to break above it. BCH will rise if price breaks above the SMAs. The coin is above the 30% range of the daily stochastic. It indicates that it is in a bullish momentum.

Conclusion
The direction of price movement is unclear as the coin continues to consolidate. In recent times, the coin has been exposed to break above the previous highs. It continues to face rejection at the recent highs. If buyers succeed above the current resistance, BCH will escape the range-bound movement. Also, the Fibonacci tool analysis will be invalidated. That is, BCH will not reach the low of 1.272 Fibonacci extension level.


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